For all those iPhone users (may very well be on Android as well) I found a VERY handy app called Fantasy Monster.
Look it up on the App Store.

It allows you to manage ALL your teams from all leagues (ESPN, Yahoo etc.) and ALL sports (NBA, MLB, NFL, NHL).
You can can change your roster, add/drop players, make trades.
But you can only add your teams once you've drafted though, so I've yet to confirm its as amazing as it sounds.

For $4.99 its not completely crazy, considering how much trouble it'll save me. And how many times it'll save me for last minute roster changes etc.

Keeper, Franchise, Empty-Handed

This from last year:

Apollo wrote:

Apollo wrote:

Each returning team can use a keeper tag on as many players as they want as long as they fit within the cap.

Each player can be tagged as a keeper twice (ie: you draft the player, you play the season and then you use your keeper tag on the player so that he returns to your team the following season. You can do this two times and as such this will result in you being able to hold a player on your roster for up to three seasons. The keeper tag merely allows you to bypass the draft on a particular player twice.

Each team can franchise keeper tag one player. The franchise keeper tag allows you to keep a player for an unlimited amount of time. The catch here is to use the franchise tag again in the future on a different player you must either trade your current franchise player, drop the player or relinquish your rights to the player during the off-season.

You can choose to not use a keeper tag or a franchise keeper tag. A player who has been keeper tagged can be franchise tagged later provided you don't have a franchise keeper on roster.

$200(fantasy dollars) draft salary cap

$30 deduction in draft salary cap for each keeper tagged player

$50 deduction in draft salary cap for franchise keeper tagged player

Inverted standings used for auction nominations. (ie: last placed team makes first nomination, first place team makes third last nomination, with the two new teams making the last two player nominations. When I say "nomination" I mean the selection of the next player to be bid on in the live auction draft.)